India Tax Due Tax - October 2024.

S. No	Due Date	Related to	Compliance to be made
1	11.10.2024	GST	Filing of GSTR 1 for the month of September 2024
2	20.10.2024	GST	-Payment of GST for the month of September, 2024 -Filing of GSTR 3B for the month of September, 2024
3	07.10.2024	TDS/TCS (Income Tax)	· Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of September 2024. · Deposit TDS from Salaries deducted during the month of September 2024 • Deposit TCS for collections made under section 206C including sale of scrap during the month of September 2024, if any • Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of September 2024, if any
4	31.10.2024	TDS Return	·       Filing of 2nd Quarter (1st July to 31st September) TDS return.
5	15.10.2024	TCS Return	·       Filing of 2nd Quarter (1st July to 31st September) TCS return.
6	31.10.2024	Tax Audit	Filing of Audit Reports 3CA, 3CD, 3CEB for the financial year 2023-24
7	31.10.2024	Income tax	Filing of income tax return for the Corporate assesses (or) non-corporate assesses (Whose books of accounts are required to be audited U/s 44AB of IT act 1964 (or) working partner (of a firm whose books of accounts required to be audit (in case of Assesses not having international or specified domestic transaction). (All Sasken Trusts Return & SSTPL must be filed  )

                                                                                    

GSTN to not retain return data for view of taxpayers beyond 7 years

 This is to apprise you of a recent advisory issued by GSTIN on 24 September 2024 regarding archival of GST returns data on GST portal. In this regard, below key points are worth noting:

HC quashes Notification 56/2023 extending time limit to pass order under GST

 This Tax Alert summarizes a recent ruling of the Gauhati High Court (HC) ^[1] on the validity of notifications extending the time limit to pass order under section 73(10) of Central Goods and Services Tax Act, 2017 (CGST Act).

The key observations of the HC are:  

Taxation of Transfer Fees in Co-operative Housing Societies: An Examination of the Principle of Mutuality

 1. Understanding Co-operative Housing Societies

A co-operative housing society (hereinafter referred to as ‘Society’) includes all types of societies, whether residential, commercial, or industrial. These societies are formed to collectively manage the affairs of a community, typically focusing on maintaining common amenities, property management, and ensuring shared responsibilities among members.

Transfer Pricing Compliance in India: Common Mistakes and Key Insights

Transfer Pricing (TP) compliance is a significant source of tax litigation worldwide, with India being no exception. The complexities of TP laws, coupled with evolving judicial interpretations, create an environment where even minor compliance errors can lead to substantial tax adjustments and prolonged disputes. This article explores common mistakes businesses make in TP compliance, highlights critical case laws, and offers actionable insights to avoid these pitfalls.

HC holds State tax authority cannot transfer GST proceedings once initiated on a particular issue to DGGI

 This Tax Alert summarizes a recent ruling of the Punjab and Haryana High Court (HC)  on validity of transfer of proceedings under the Goods and Services Tax (GST) law.

The key observations of the HC are:

Indirect Tax Case Laws - Sep 24.

 ·       Hon’ble SC recently reiterated that the doctrine of promissory estoppel does not apply to the exercise of legislative powers by the Stat 

 

Direct Tax Case Laws - Sep 24.

 SC

·       Supreme Court Upholds Vodafone Idea’s Non-Liability for TDS on Payments to Non-Resident Telecom Operators 

Understanding the Nuances of Section 43CA

 1.      Applicability: Section 43CA specifically applies to land or buildings held as stock-in-trade (i.e., by builders). It seeks to address undervaluation in property transactions by relying on the SVA-assessed value, which is the basis for calculating stamp duty according to state government rules.

CBIC issues clarifications pursuant to recommendations made in the 54th GST Council meeting

 This Tax Alert summarizes recent Circulars^[1] issued by Central Board of Indirect Taxes and Customs pursuant to the recommendations made in the 54th Goods and Services Tax (GST) Council meeting.

CBIC Circulars 230 to 233 dated September 10, 2024 issuing various clarifications

 Pursuant to the 54^th GST Council meeting held on 9 September 2024, CBIC has issued clarificatory circulars on various issues.  We have prepared a summary of the circulars below for your ready reference.

A Shift in Tax Law: GST Circular Highlights Intent-Based Interpretation

 In the realm of tax law, the conventional method of interpreting legal provisions is a literal reading, where the words of the statute are taken at face value to ensure clarity and predictability. However, a recent GST circular introduces a subtle yet significant shift in approach, offering an interpretation based not just on the text, but on the underlying intent of the law. This circular brings into focus the availability of Input Tax Credit (ITC) for demo vehicles—a decision driven by the purpose of the law rather than a strict literal interpretation.

TDS Section 194IA payment on transfer of immovable property

Introduction:

Any sum paid by way of consideration for transfer of any immovable property (other than agricultural land) is covered under section 194-IA, provided the consideration for transfer of an immovable property is not less than Rs. 50 lakhs.

GST Council recommendation in the 54th Meeting

 Hereinbelow the relevant announcements made in the meeting for your reference.  Kindly note that the below proposals/ recommendations shall be given effect by way of issuance of relevant notifications, circulars and/or amendments in the GST law, which will be issued in due course of time.

Higher rate of TDS in the case of Sec 206AA and 206AB:

Sec 206AA:

1. Section 206AA provides that where any person is entitled to receive any income on which tax is deductible at source, he is required to furnish his PAN to the deductor. In case the PAN is not furnished, the tax shall be deducted at a higher rate under section 206AA.

2. If the recipient fails to furnish his PAN to the deductor then tax shall be deducted at the highest of the following rates:
(a) At the rate specified in the relevant provision of the Income-tax Act.
(b) At the rate or rates in force; or
(c) At the rate of 20%

Introduction of Invoice Management System (IMS)

This is to inform you about the advisory issued by GSTN regarding the launch of a new ‘Invoice Management System (IMS)’ on the GST portal, effective from October 1, 2024. This system aims to assist taxpayers in reconciling their purchase records (invoices, credit/debit notes) with the documents issued by their suppliers, helping in the formulation of GSTR 2B and the claim of Input Tax Credit (ITC)

EUROPEAN UNION AI ACT

 

The Artificial Intelligence Act (AI Act) is a European Union regulation concerning artificial intelligence (AI). It establishes a common regulatory and legal framework for AI within the European Union (EU).

GST Reporting Changes from September 1, 2024

This is to update you that w.e.f. September 1, 2024, following changes are taking place in GST return filing process: